Pirallahi:A media tour was conducted at the newly inaugurated pharmaceutical facility of Gen Pharma Caucasus Manufacturing Operations LLC in Pirallahi Industrial Park, where General Director Farid Aliyev shared insights into the plant's capabilities and future plans.
According to Azeri-Press News Agency, Farid Aliyev highlighted that the facility is equipped with state-of-the-art machinery from leading manufacturers in the United States, Japan, Germany, Switzerland, China, Denmark, Sweden, and Turkey. The plant, once fully operational, aims to provide 178 permanent jobs and manufacture medicines across various fields, including cardiology, neurology, urology, and more, adhering to high international standards.
The general director also mentioned the company's goal to localize the production of over 500 medicines within five years, targeting not only the domestic market but also exports to countries like Uzbekistan, Kazakhstan, and Georgia. The facility has an annual production capacity of 60 million medicine packages, including 2.5 billion tablets and capsules.
Taleh Guliyev, Head of Department at the Economic Zones Development Agency under the Ministry of Economy, explained that Pirallahi Industrial Park's primary objective is to bolster the pharmaceutical industry, reduce medicine import dependency, and create new jobs. Currently, six residents are registered at the park, with Gen Pharma Caucasus granted resident status in 2023.
The total investment in the park is AZN 175.6 million, with AZN 111.3 million already allocated for various projects. These initiatives have created permanent employment for 215 people, and goods worth AZN 82.2 million have been produced by the park's residents.
Guliyev noted that several incentives are offered to industrial park entrepreneurs, including exemptions from property, land, and profit taxes for ten years, as well as exemptions from VAT and customs duties on imported machinery. Gen Pharma Caucasus has benefited from over AZN 7 million in tax exemptions.
Pirallahi Industrial Park was established in 2016 under a decree by President Ilham Aliyev, who also attended the opening of Gen Pharma Caucasus' facility on October 5.